International Student Loan

By: EconomyWatch Content   Date: 1 December 2009

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An international student loan is available to a student who is attending an approved school and has a US citizen as a co-signor. The international student loan program is available to students from across the world wishing to study in the United States. These specialized loans are offered by private lenders, such as Sallie Mae, at competitive rates. The international student loan amount is disbursed directly to the applicant.

 

The basic requirements for an international student loan are:

  • The applicant is not a US citizen or a non-citizen permanent resident

  • The chosen school should be in the approved list of the US government

  • The co signor must be a US citizen or permanent resident who has lived in the US for the past two years

  • The co signor should have a good credit record

  • The application for such loans should be made only after exhausting all scholarships, aids, personal funds and other available options.

  • Certain documents need to be submitted

 

A student applying for an international student loan needs to submit a copy of his student visa. In case the student is already in the US and the visa has expired, an I-94 form with the future expiration date needs to be submitted. The student also needs to submit copies of his valid passport, current citizen and immigration services form, along with the employment authorization form, to the lending agency.

 

International students can borrow up to their schools’ cost of attendance. These loans can be used for all education-related expenses, including things such as tuition, books, fees, insurance, transportation and room and board and other school-related expenses. 

Features of an International Student Loan

  • No requirement of a collateral

  • Repayment can be deferred till one is studying in school and for six months after finishing school

  • Online application and quick pre approval

  • Available for both undergraduate and graduate students

  • Funds are paid directly to the student

  • No application fee, only an origination fee is included in the total loan amount

  • Interest rates are variable and based on LIBOR

 

 


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